FCA warns insurance managers to tackle misconduct
Not addressing non-financial misconduct may lead managers to fail the SM&CR.
The Financial Conduct Authority (FCA) has warned managers at insurance firms that they may fail to pass the Senior Managers and Certification Regime (SM&CR) if they do not address non-financial misconduct.
The requirements were set out in a ‘Dear CEO’ letter published by the regulator yesterday (6 January).
Jonathan Davidson, executive director of supervision, retail and authorisations at the FCA, said the letter followed “recent, publicised incidents of non-financial misconduct in the
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